Six-month-old Zepto, a 10-minute grocery delivery startup in India, raises $60 million – TechCrunch
Two 19-year-old entrepreneurs, who’ve beforehand collaborated on numerous initiatives together with a ride-hailing commute app for varsity youngsters and final 12 months left Stanford to pursue a brand new startup, stated on Sunday they’ve raised $60 million to disrupt India’s overcrowded and highly-competitive grocery supply market.
Glade Brook Capital led the six-month-old app Zepto’s first institutional financing spherical, the startup’s founder and chief govt Aadit Palicha informed TechCrunch in an interview. Nexus and Y Combinator in addition to angel traders Lachy Groom, Neeraj Arora, and Manik Gupta participated within the spherical, which in accordance with two individuals conversant in the matter, values Zepto between $200 million and $300 million.
Zepto, which has largely operated in stealth mode till right now, has been the speak of the city for the previous 4 months. The startup, whose identify playfully uses a mathematical term to explain the enterprise, gives a 10-minute grocery supply service, beating lots of its heavily-backed rivals on pace.
To attain this feat, Zepto has arrange darkish shops throughout the cities the place it operates (Mumbai, Bangalore, and as of this week, Delhi.) 19-year-old Palicha stated these darkish shops, which the startup has arrange and owns, are designed and optimized for quick deliveries. (Zepto’s method, for which Palicha stated he checked out different markets and spoke with the operators operating these companies, is totally different from many Indian startups that depend on common grocery shops for stock.)
This can be a growing story. Extra to observe…
